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Tata Chemicals reported that its consolidated net profit more than doubled to ₹832 crore (₹318 crore) on the back of deferred tax write back of ₹250 crore due to lower tax in the US operations.
Revenue from operations was flat at ₹2,574 crore (₹2,506 crore). Total expenses were under control at ₹2,229 crore (₹2,208 crore) on the back of lower inventory and fall in raw material cost. Consolidated net debt was down at ₹4,128 crore against ₹5,573 crore.
R Mukundan, Managing Director, said the company has successfully completed transfer of the urea business to Yara International in January and deleveraged the balance sheet. With a healthy working capital levels now clearly visible, the company’s focus now moves from debt reduction to growth, he said.
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